Reps calls for committee that will coordinate fiscal and monetary policies for the country
The House of Representatives committee on Customs and Excise has called for the setting up of a Tripartite committee comprising of the Central Bank of Nigeria (CBN), Ministry of Finance and the Nigeria Customs Service (NCS) to provide a coordinated platform on fiscal and monetary policies for the country.
Chairman of the Committee, Hon. Leke Abejide who made the call during an interactive session with the Comptroller General, Nigeria Customs Service, Bashir Adewale Adeniyi also called for the inolementation of the House resolution of 90 days notice for any change in policy.
He said that becomes necessary so that investors and importers are not taken unaware of any policy change.
He said, “Considering the complex interplay between fiscal and monetary policies and their impacts on trade, I would like to propose the formation of a Tripartite committee comprising Representatives from Central Bank of Nigeria (CBN), Federal Ministry of Finance,Nigeria Customs Service.
“This Committee will serve as a platform for open and transparent dialogue on fiscal and monetary issues as it affects trade, ensuring thorough discussion and analysis of crucial decisions before their implementation.
“Such collaborations will facilitate a more robust and coordinated approach to trade policies, mitigating potential disruptions and fostering a conducive anvironment for economic growth”.
“Just last week, investors woke up only to discover that, exchange rate has been raised from N784 to N951 per Dollar without any notice.
“I received uncountable number of calls because people mistakenly thought it came from Nigeria Customs Service”.
“I suggest implementation of House of Representatives resolution of the 9th Assembly, requiring a 90-day notice for policy changes.
“This approach will allow ongoing transactions to conclude smoothly, minimising economic distortions and inflationary pressures”.
Members of the committee expressed concern about the multiple check points mounted by the Customs service across the country and the need to work in close collaboration with border communities in curbing smuggling and enhancing activities of the Customs.
In his response, the Customs boss said the service was already working closely with border communities, but expressed concern about the lack of basic amenities in such communities.
He said there was the need for the Nigerian government to pay attention to border communities by providing them some basic amenities.
He said the service plan to embark on construction of some basic amenities in some border communities in 2024 and sought the support of the lawmakers to achieve that.
